A publicly listed farm company is offloading one of the largest broadacre farm aggregations in southern New South Wales.
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Duxton Farms is selling the enormous Timberscombe (8432 hectares, 20,836 acre) at West Wyalong in the Riverina.
The Adelaide Hills-based investment company says it needs to sell "in order to rebalance the portfolio".
The fund manager posted a net loss of $10.1 this financial year although the value of the company's land and water assets grew by over 10 per cent.
It aims to use sale proceeds from Timberscombe to invest in existing growth strategies, reduce debt, invest in new growth opportunities and pay a dividend to shareholders.
Duxton Farms' core portfolio comprises 10 owned and leased properties spanning 165,590ha (409,182 acres) across NSW, Victoria and the Northern Territory.
The key commodities produced by Duxton Farms includes grain, oilseeds, cotton and livestock.
Duxton Farms has 4067ha (10,050 acres) of irrigable land with almost 17 gigalitres of water entitlements.
The company said it was focused on expanding its operations in Victoria and the NT.
This year Duxton Farms bought the 1185ha (2928 acre) Piambie Farms near Swan Hill for $9 million.
It has said it wanted to "de-risk its geographic concentration" with its northern Victorian purchase.
The Piambie deal included 8854 megalitres of irrigation water.
The company said it would continue planting irrigated wheat and canola but would then look at including irrigated cotton crops.
The company said in the longer term it may move away from annual crops to permanent horticultural plantings.
Duxton Farms has appointed LAWD to sell Timberscombe.
Timberscombe has been a part of Duxton Farms since the company listed in 2018.
Located 30km north-east of West Wyalong, the company says Timberscombe is considered "one of the largest and most desirable contiguous dryland broadacre properties in southern NSW".
The property has been "a stalwart" of the company's winter cropping program for the past six seasons.
The company has previously said putting all your agricultural eggs into one regional basket can expose farm investors to risks from the weather.
Flooding rains in NSW have badly impacted on its winter production.
Chris McLennan
ACM national rural property writer based in Bacchus Marsh, Victoria. Career journalist. Multi award winner.
ACM national rural property writer based in Bacchus Marsh, Victoria. Career journalist. Multi award winner.
